Saizen REIT Executive director Raymond Wong's comments about Japan crisis leading to tighter credit conditions were of a general nature, said the company in a statement Wednesday. Saizen REIT said the comment did not refer to any delay in refinancing a loan that its subsidiary, YK Shintoku, had defaulted on. It also said it has never indicated any timeline for the resolution of the YK Shintoku loan...
Singapore REITS
Cache Logistics Trust has purchased two Singapore properties for about S$39.8 million, said the trust's manager, ARA-CWT Trust Management. The properties are a 177,000 square feet two-storey ramp-up warehouse with a mezzanine office in Changi North International Logispark, and a 55,000 square feet single-storey warehouse with an extended two-storey office annex for the storage of chemical and dangerous...
Global Logistic Properties (GLP) will be joining the Straits Times Index (STI), the Singapore Exchange's (SGX) benchmark of the country's 30 biggest listed companies, replacing SMRT Corp. As part of the half-yearly review by Singapore Press Holdings (SPH), SGX, and the FTSE Group, SMRT will now join the FTSE Mid-Cap Index. The STI reserve list, comprising the 5 highest-ranking non-constituents in order...
CDL Hospitality Trusts has said it is planning to buy Studio M Hotel in Singapore for S$154 million. This works out to about S$428,000 per room. CDL said the acquisition is expected to be immediately yield-enhancing and would also broaden the earnings base of its portfolio. It added that the hotel has achieved impressive occupancy of 88.9 per cent since starting full operations in June last year. The...
CapitaMall Trust Management (CMT) has entered into an agreement to buy Iluma shopping mall in the Bugis area. It is set to pay Jack Investments S$295 million for the property. The mall has a net lettable area of over 185,000 square feet and has an occupancy rate of nearly 84 per cent. CMT expects the acquisition to strengthen its foothold in the downtown core of Singapore. It currently owns four prime...
Perennial China Retail Trust, a unit of property investment firm Perennial Real Estate, on Thursday said that it aimed to raise S$1.1 billion through an initial public offering via a business trust in Singapore, making it the first of several big ticket listings planned in the city state this year. In a prospectus filed with the Monetary Authority of Singapore, Perennial China Retail Trust said that it...
Mainboard-listed Global Logistic Properties (GLP) is ramping up its logistics pipeline with a new US$200 million venture in Suzhou, China. GLP said it has partnered Suzhou New District Bonded Logistic Centre Development, to jointly develop the logistic park. Known as GLP Park SND, the park will service the logistics tenants in Suzhou. CEO of GLP, Ming Z. Mei, said this new venture would address the...
Shopping mall developer and operator CapitaMalls Asia said its fourth quarter net profit fell 15.2 per cent due to lower contributions following the divestment of several properties earlier in 2010. Net profit for the last quarter ended Dec 31 fell to S$144 million from S$169.9 million a year ago. CapitaMalls Asia also reported a drop in revenue by some 16.5 per cent on-year to S$55.2 million for the...
CapitaMall Trust, Singapore's largest REIT by asset size, said it is setting up a S$2.5 billion "Retail Bond Programme" and offering up to S$200 million two-year retail bonds. CapitaMall Trust said HSBC Institutional Trust Services would issue bonds, from time to time, under the S$2.5 billion programme, in its capacity as trustee of CapitaMall Trust, in series or tranches in Singapore dollars, United...
Global Logistic Properties (GLP) reported a turnaround in the third quarter from a loss a year ago, posting a net profit of US$82.1 million. A subsidiary of the Government of Singapore Investment Corp., which owns warehouses and other logistic assets mostly in China and Japan, it made a US$305.4 million loss in the corresponding quarter of last year. Revenue for the three months ended December 31, 2010...